INTERPLAY BETWEEN THE MSME ACT, 2006 AND THE ARBITRATION AND CONCILIATION ACT, 1996
In India, most arbitrations are governed by the Arbitration and Conciliation Act, 1996 (“1996 Act”). However, in certain cases, statutes provide for a statutory mechanism of arbitration where the Act may or may not apply [1]. In the case of the Micro, Small, and Medium Enterprises Development Act, 2006 (“MSME Act”), the same provides for …
ELECTRIC VEHICLE INDUSTRY IN INDIA- A Regulatory Overview
To reduce its carbon emissions and give a much-needed boost to the manufacturing and adoption of Electric Vehicles (“EV”), the Government of India, in March 2011, launched the National Mission of Electric Mobility (“Mission”) to promote electric mobility in the country. India also made a firm commitment at the United Nations Climate Change Conference held …
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CERT-IN’S SIX HOUR REPORTING RULE FOR CYBER SECURITY INCIDENTS- Statutory Interpretation and Analysis
Any person affected by a cyber security incident is required to mandatorily report such incident to the Indian Computer Emergency Response Team (“CERT-In”) if it is of a specified type. With effect the June 27, 2022, the deadline for such reporting has been fixed at 6 (six) hours of the incident being noticed or being …
GETTING PRIORITIES RIGHT ANALYSIS OF PRIORITY OF PROVIDENT FUND DUES IN RELATION TO A COMPANY UNDERGOING CIRP
The Employees Provident Funds Miscellaneous Provisions Act, 1952 (“EPF Act”) was enacted as a statute keeping in mind the Directive Principles of State Policy enshrined under Articles 38 and 43 of the Constitution of India to ensure social security for the employees working in an establishment. Whilst the EPF Act has an in-built mechanism to …
VALUATION OF COMPANIES: A LEGAL ANALYSIS
The issue or transfer of equity shares or other securities invariably involves the valuation of the underlying company. The principles and rules for valuing companies lie at the intersection of law and accounting. Various statutes and regulators are involved in this crucial activity. Company law seeks to ensure that companies do not shortchange their existing …
PROTECTION OF CONFIDENTIAL INFORMATION WITHOUT A CONTRACT
Introduction Signing of confidentiality agreements to protect confidential information is common practice. However, what happens when there is no such confidentiality agreement? Is confidentiality of confidential information required to be maintained even if there is no express contract, or is a written contract necessary to protect confidentiality? This is the question that is explored in …
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FORCE MAJEURE IN THE TIME OF COVID-19
While the world is grappling with the outbreak of the novel coronavirus (Covid-19), the lockdowns and restrictions that have been imposed to contain this pandemic, have brought businesses to a grinding halt. In such unprecedented times, when the wheels of global and regional supply chains are clogged, it becomes imperative to have a relook at …
Employing Caution – A Practical Guide for Employers to deal with COVID-19 Situation in Workplace
These are extraordinary times. People are unsure as to when pandemic created by the novel coronavirus (Covid-19) would cease and the normalcy would return. With the vast majority of the labour force having returned to their homes, most factories across the country have either suspended operations or operating significantly below their stated capacity. The economic …
Private Funds Update – Some Issues arising out of SEBI’S Circular dated February 5, 2020 for Alternative Investment Funds
The Securities and Exchange Board of India (“SEBI”) issued circular no. SEBI/HO/IMD/DF6/CIR/P/2020/24 dated February 5, 2020 (“Circular”) that introduces standard templates for alternative investment funds’ (“AIF”) private placement memorandums (“PPM”), annual audits of compliance with the terms of the PPM and mandatory performance benchmarking for AIFs with provisions for additional customised performance reporting. An overview …
New Rules for Takeover of Unlisted Companies and consequent Minority Squeezeout
Section 230 of the Companies Act, 2013 (“Companies Act”) sets out the process for a scheme of arrangement between a company and its creditors and shareholders (“Scheme”). Such Schemes have to be approved by the National Company Law Tribunal (“NCLT”).